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Even leveraged deals still being underwritten, though banks are selective
Liquidity event at American manager comes at fraught time for industry
Major sectors in leveraged loans are trading down, making shrewd credit selection vital
Deal could include $950m of bonds
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MRH, the largest independent petrol retailer in the UK, and Swiss telecoms firm UPC had bank meetings on Thursday for loan refinancings, while new money deals have also joined the market. -
US companies have led a charge into the euro bond market this week, as the predicted slug of issuance after the presidential election arrived.
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Therma Power, part of Philippine company Aboitiz Power Corp, is accessing the offshore loan market for a $650m unsecured financing.
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Credit Suisse has allocated a three year bullet loan for China Auto Rental (CAR), with the company raking in $250m after general syndication.
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The leveraged finance market has been met this week by raft of mergers and acquisitions, with four deals announced and several major leveraged buyouts poised for action.
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As expected, the loans for the leveraged buyout of Polish auction website Allegro are tightly priced, with tenors of six and seven years for less than 400bp.
